The Tri County Economic Development Non-Profit Corporation (TC EDC), a component unit of TEDD, received the remaining $200,000 of the $400,000 loan in 2015. TC EDC received the remaining $34,625 of the initial $100,000 grant in 2016; additional grant funding has been received as follows: $17,483 in 2018; $6,374 in 2019; $9,919 in 2020; $2,295 in 2021; and $14,722 in 2022. Loan funds in the amount of $125,000 were disbursed to program participants in 2022 and the administrative expenses were $18,750 which is presented in this schedule. The amount of principal and interest received in loan repayments for the year was $21,294. The loan portion of the Rural Microenterprise Assistance Program is reported on the District’s Schedule of Liabilities (Schedule 9).
The District did not receive any grant funds from Economic Development Administration. This fund was de-federalized on March 29, 2021. Loan funds were disbursed to 1 client in the amount $107,000 to 1 program participant in 2022. The amount of principal and interest received in loan repayments for the year was $72,124.
The District was awarded a reimbursable $1,698,500 Economic Development Administration grant funded by the CARES Act in regard to COVID 19 in 2021. These monies are the basis for a new revolving loan fund. Grant funding in the amount of $1,497,000 was received in 2021 and an additional $143,000 was received in 2022. Eight loans were funded for a total of $1,497,000 to program participants in 2021 and 1 loan was funded for a total of $143,000 in 2022. The reimbursement of administrative expenses in the amount of $23,903 were received in 2022 which is presented in this schedule. The amount of principal and interest received in loan repayments for the year was $131,692.
The amounts shown as current year expenditures represent only the federal portion of program costs. Entire program costs, including the District’s portion, are more than shown. Such expenditures are recognized following, as applicable, either the cost principles in the OMB Circular A-87, Cost Principles for State, Local, and Indian Tribal Governments, or the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.